Smart Cities to Create Business Opportunities Worth $2.46 Trillion by 2025, says Frost & Sullivan
In observance of World Cities Day on October 31st, our experts reveal key findings on the smart city ecosystem
The uncertain post-pandemic situation will compel smart cities to focus more on developing collaborative, data-driven infrastructure to provide appropriate healthcare facilities as well as public security services. They will create significant business opportunities with a market value of $2.46 trillion by 2025.
“Smart cities will focus on data-driven and connected infrastructure, which will lead to higher adoption of technologies like AI and 5G. They will prioritize more digitalized services and a strong data analytics infrastructure, leading to increased spending toward technology,” said Malabika Mandal, Visionary Innovation Group Industry Analyst at Frost & Sullivan.
Archana Vidyasekar, Visionary Innovation Group Research Director at Frost & Sullivan, added, “Now more than ever, the strategy of being technology-first, optimistic, and focused on ‘smart’ is critical. While COVID-19 has largely been a health crisis, it has disrupted city ecosystems and infrastructure tremendously. Smart technologies offer innovative solutions that can reverse the damage and bring some respite, if not normalcy. For instance, digital contact tracing can play a critical role in empowering citizens with knowledge of COVID-impacted areas and promote safer urban movement.”
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